Table 2. Default Rate on New Loans for the Two Years after Origination, by FICO Credit Score, October 2000 to October 2002

FICO score

Default rate (percent)

Less than 520

41.0

520-559

28.4

560-599

22.5

600-639

15.8

640-679

8.9

680-719

4.4

720 or more

1.0

Note: New accounts were those opened in the six months from October 2000 to April 2001. An account was in default if it had been delinquent for at least ninety days or had any other derogatory credit information within the two years starting in October 2000.